Adani Total Gas Q2 FY27 Results: Consolidated Net Profit ₹173 Crore on Total Income of ₹2,124 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit rose 6.0% year on year to ₹173.27 crore, while total income rose 34.0% to ₹2,123.66 crore, so profit grew more slowly than income. Cost of natural gas and traded items went from ₹997.84 crore to ₹1,445.55 crore, and excise duty from ₹125.12 crore to ₹165.93 crore, against revenue from operations of ₹2,109.65 crore.

Other income was ₹14.01 crore, 0.7% of total income. Finance costs of ₹36.46 crore were 1.7% of total income, down from ₹39.10 crore in the June quarter and up from ₹26.29 crore a year earlier. Depreciation rose to ₹71.74 crore from ₹61.71 crore.

Profit before tax was ₹241.76 crore, and that figure includes a share of profit from joint ventures of ₹8.42 crore, about 3.5% of profit before tax; the share was ₹2.86 crore a year earlier. Tax expense of ₹68.49 crore was 28.3% of profit before tax, against 25.3% a year earlier and 24.2% in the June quarter.

Other comprehensive income for the quarter included an effective gain of ₹25.01 crore on the cash flow hedge, against a loss of ₹0.76 crore in the June quarter. That gain sits in other comprehensive income, not in net profit, which rose 22.3% on the June quarter against 10.6% growth in total income.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit was ₹166.88 crore, up 3.2% from ₹161.68 crore a year earlier, while standalone total income rose 34.1% to ₹2,116.11 crore. Consolidated net profit is ₹6.39 crore higher than standalone; the consolidated statement includes ₹8.42 crore of share of profit from joint ventures for the quarter.

Standalone basic EPS was ₹1.52, against ₹1.47 a year earlier and ₹1.21 in the June quarter. Standalone net profit rose 25.4% on the June quarter, faster than standalone total income at 10.8%, and standalone depreciation was ₹67.95 crore against ₹59.11 crore a year earlier.

Board changes take effect in November. Suresh P. Manglani ceases as Executive Director and Key Managerial Personnel at the close of business on 31 Oct 2026, on superannuation. From 1 Nov 2026, Sanjay Pandita, presently Chief Executive Officer, is to be appointed Additional Director and Whole-time Director, designated Executive Director, for a three-year term, subject to shareholder approval. The company confirms he is not debarred from holding office by any SEBI order.

The notes describe a US matter involving a non-executive director, with the company itself not named. The US SEC civil complaint reached final judgment on 10 Aug 2026, with the director consenting to the judgment without admitting the allegations and paying a civil monetary penalty, and the US DOJ indictment was dismissed with prejudice; the company says there is no impact on it for the year ended 31 Mar 2026. Separately, the company signed on 3 Nov 2020 to acquire three geographical areas: Jalandhar was transferred to it in the year ended 31 Mar 2025, and the parties have signed a joint letter to close the acquisition at GA level in the current quarter, with the transaction yet to be completed.

Inference

Borrowings moved toward the long term. Non-current borrowings were ₹2,075.33 crore at 30 Sep 2026, up 30.0% from ₹1,596.69 crore at 31 Mar 2026, with ₹633.17 crore drawn and ₹463.49 crore repaid in the half year. Current borrowings fell to ₹266.75 crore from ₹571.43 crore, total equity rose to ₹5,176.80 crore, and cash and cash equivalents were ₹109.86 crore against ₹253.05 crore at 31 Mar 2026.

Per share, half-year basic EPS was ₹2.86 against ₹2.99 a year earlier, as half-year net profit fell 4.2% while half-year revenue from operations rose 30.6%. Cash dividends paid in the half year were ₹27.50 crore, the same as a year earlier. The company has appealed to APTEL against the PNGRB rejection of its Noida authorisation, with the counterparty's writ petitions pending before the Delhi High Court; the notes give no quantified effect for that matter or for the Jalandhar closure.

The filing gives no reason for the rise in cost of natural gas, excise duty or finance costs, nor for the fall in half-year profit against higher revenue, and it gives no reason for the purchase of non-current investments in the half year. The effect of these items on future earnings is not known from the text read.

Reference: Original filing (PDF)